Shiba Inu (SHIB) has been making waves in the cryptocurrency market, with a staggering climb of over 243.83% in the past week. This surge has propelled SHIB’s market cap to $21.46 billion, securing its position as the 10th largest cryptocurrency.
The rise of SHIB comes amidst a broader surge in the meme coin sector, led by Dogecoin (DOGE) and Shiba Inu. Despite a recent 3.56% dip in the last 24 hours, SHIB has managed to maintain its momentum, currently trading at $0.00003648.
On-chain metrics indicate significant bullish momentum for SHIB, with approximately $36 million in total position liquidations. This rally among altcoins, with gains ranging from 100% to 500%, highlights the growing interest in meme coins.
The driving factors behind SHIB’s recent surge include the overall hype in the mainstream market following Bitcoin’s all-time high, as well as anticipation surrounding an upcoming update to the Shiba Inu ecosystem. Shytoshi Kusama’s hints at this update have further boosted investor sentiment.
With SHIB’s market cap reaching $21.46 billion and displacing Avalanche (AVAX) to claim the 10th spot among cryptocurrencies, the potential for further upside is evident. If SHIB can establish the $0.000035 level as a strong support, it may break through the $0.00005 resistance and aim for the significant $0.00007 level, potentially setting a new all-time high.
However, caution is advised as a drop below the 20-day exponential moving average (EMA) could signal weakening bullish sentiment. Investors will need to closely monitor price movements to gauge the future trajectory of Shiba Inu.
In conclusion, SHIB’s recent rally and market cap surge have put it in a strong position within the cryptocurrency market. With potential for further gains and a possible new all-time high on the horizon, all eyes are on Shiba Inu as it continues to make waves in the crypto world.
